The toonie is a bi-metallic coin which on the reverse side features an image of a polar bear by artist Brent Townsend.

[7] On April 10, 2012, the Royal Canadian Mint (RCM) announced design changes to the loonie and toonie, which include new security features.

[8][9] Coins minted prior to 2012 consist of an aluminum bronze inner core with a pure nickel outer ring;[10] but in March–May 2012, the composition of the inner core switched to aluminum bronze coated with multi-ply plated brass, and the outer ring switched to steel coated with multi-ply plated nickel.

Jack Iyerak Anawak, member of Parliament from Nunatsiaq (the electoral district representing what is now the territory of Nunavut), suggested the name "Nanuq" [nanook, polar bear] in honour of the Inuit and their northern culture; however, this proposal went largely unnoticed beside the popular "toonie".

[16] Finance Minister Paul Martin announced the replacement of the $2 banknote with a coin in the 1995 Canadian federal budget speech.

A failure in the bimetallic locking mechanism in the first batch of toonies caused some coins to separate if struck hard or frozen.

[69] Deliberately attempting to separate a toonie is considered to be "defacing coin currency", a summary offence under section 456 of the Canadian Criminal Code.